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Bookmakers use mathematical formulas to establish odds for sporting events. For instance, a horse with odds of 9/1 stands a 10% chance of winning its race; these odds can then be seen displayed on a screen in decimal format; they may be changed into American or European odds formats however if needed; their formula remains the same. Neds 2024 Chasing losses is a common pitfall in betting. When faced with consecutive losses, some bettors increase their stakes in an attempt to recover losses quickly. This impulsive behavior often leads to deeper losses. Stay disciplined and avoid the temptation to chase losses.